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Investments in Unconsolidated Joint Ventures (Tables)

12 Months Ended

Dec. 31, 2015

Schedule Of Equity Method Investments [Line Items]

Summary of Investments in Unconsolidated Joint Ventures

The following table summarizes our investments in unconsolidated joint ventures as of December 31, 2015 and December 31, 2014.


	% Ownership at			As of
(Amounts in thousands)	December 31, 2015			December 31, 2015		December 31, 2014
Investments:
712 Fifth Avenue		50.0	%	$	3,577	$	1,697
Oder-Center, Germany		9.5	%		3,525		4,052
				$	7,102	$	5,749

Summary of Income from Unconsolidated Joint Ventures

The following table summarizes our income from unconsolidated joint ventures for the periods set forth below.

				The Company				The Predecessor
	%					Period from		Period from
	Ownership at			Year Ended		November 24, 2014		January 1, 2014		Year Ended
(Amounts in thousands)	December 31, 2015			December 31, 2015		to December 31, 2014		to November 23, 2014		December 31, 2013
Our share of Net Income (Loss):
712 Fifth Avenue		50.0	%	$	6,734	$	938	$	4,141	$	2,612
Oder-Center, Germany ⁽¹⁾		9.5	%		116		-		-		-
1325 Avenue of the Americas	n/a				-		-		100		(1,550	)
900 Third Avenue ⁽²⁾	n/a				-		-		-		-
				$	6,850	$	938	$	4,241	$	1,062

⁽¹⁾

We account for our interest in Oder-Center on a one quarter lag basis.

⁽²⁾

As of November 23, 2014, and December 31, 2013, our Predecessor’s investment in 900 Third Avenue had a deficit balance and since our Predecessor had no obligations to fund operating losses, it did not recognize any losses in excess of its investment balance. All unrecognized losses were aggregated to offset future net income until all unrecognized losses were utilized. See page 96 for details.

712 Fifth Avenue [Member]

Schedule Of Equity Method Investments [Line Items]

Summary of Investments in Unconsolidated Joint Ventures

The following tables summarize 712 Fifth Avenue’s financial information as of the dates of and for the periods set forth below.

(Amounts in thousands)	As of
Balance Sheets	December 31, 2015			December 31, 2014
Rental property, net	$	214,139		$	221,827
Other assets		42,255			46,126
Total assets	$	256,394		$	267,953

Notes and mortgages payable	$	246,500		$	246,500
Other liabilities		15,000			30,321
Total liabilities		261,500			276,821
Equity ⁽¹⁾		(5,106	)		(8,868	)
Total liabilities and equity	$	256,394		$	267,953

⁽¹⁾

The carrying amount of our investment in 712 Fifth Avenue is greater than our share of 712 Fifth Avenue’s equity by approximately $6,131. This basis difference resulted from distributions in excess of the equity in net earnings of 712 Fifth Avenue.

	The Company						The Predecessor
				Period from			Period from
(Amounts in thousands)	Year Ended			November 24, 2014			January 1, 2014			Year Ended
Income Statements	December 31, 2015			to December 31, 2014			to November 23, 2014			December 31, 2013
Rental income	$	49,382		$	5,118		$	41,710		$	41,166
Tenant reimbursement income		4,758			607			4,282			4,311
Fee and other income		1,235			232			1,274			1,785
Total revenue		55,375			5,957			47,266			47,262
Operating		22,956			2,586			20,826			22,306
Depreciation and amortization		11,764			1,209			10,127			10,009
General and administrative		-			32			182			194
Total expenses		34,720			3,827			31,135			32,509
Operating income		20,655			2,130			16,131			14,753
Unrealized gain on interest rate swaps		4,223			1,285			5,249			10,031
Interest and debt expense		(11,410	)		(1,538	)		(13,098	)		(14,517	)
Net income	$	13,468		$	1,877		$	8,282		$	10,267

Oder-Center, Germany [Member]

Schedule Of Equity Method Investments [Line Items]

Summary of Investments in Unconsolidated Joint Ventures

The following tables summarize Oder-Center’s financial information as of the dates and for the periods set forth below.

(Amounts in thousands)	As of
Balance Sheet	September 30, 2015
Rental property, net	$	6,626
Other assets		1,228
Total assets	$	7,854

Notes and mortgages payable	$	24,143
Other liabilities		245
Total liabilities		24,388
Equity		(16,534	)
Total liabilities and equity	$	7,854

(Amounts in thousands)	Twelve Months Ended
Income Statement	September 30, 2015
Rental income	$	4,458
Fee and other income		60
Total revenue		4,518
Operating		625
Depreciation and amortization		401
Total expenses		1,026
Operating income		3,492
Interest and debt expense		(1,186	)
Income tax expense		(21	)
Net income	$	2,285

1325 Avenue of the Americas [Member]

Schedule Of Equity Method Investments [Line Items]

Summary of Investments in Unconsolidated Joint Ventures

The following tables summarize 1325 Avenue of the Americas’ financial information for as of the dates and for the periods set forth below.


(Amounts in thousands)	The Predecessor
Balance Sheet	As of December 31, 2013
Rental property, net	$	209,455
Other assets		56,479
Total assets	$	265,934

Notes and mortgages payable	$	220,000
Other liabilities		5,450
Total liabilities		225,450
Equity		40,484
Total liabilities and equity	$	265,934

	The Predecessor
	Period from
(Amounts in thousands)	January 1, 2014			Year Ended
Income Statements	to November 23, 2014			December 31, 2013
Rental income	$	33,693		$	33,397
Tenant reimbursement income		4,629			5,186
Fee and other income		1,472			1,203
Total revenue		39,794			39,786

Operating		21,381			23,667
Depreciation and amortization		7,959			7,830
General and administrative		215			238
Total expenses		29,555			31,735
Operating income		10,239			8,051
Interest and debt expense		(10,039	)		(11,150	)
Net income (loss)	$	200		$	(3,099	)

900 Third Avenue [Member]

Schedule Of Equity Method Investments [Line Items]

Summary of Investments in Unconsolidated Joint Ventures

The following table summarizes 900 Third Avenue’s financial information for as of the dates and for the periods set forth below.


(Amounts in thousands)	The Predecessor
Balance Sheet	As of December 31, 2013
Rental property, net	$	135,886
Other assets		35,288
Total assets	$	171,174

Notes and mortgages payable	$	274,337
Other liabilities		30,797
Total liabilities		305,134
Equity		(133,960	)
Total liabilities and equity	$	171,174

	The Predecessor
	Period from
(Amounts in thousands)	January 1, 2014			Year Ended
Income Statements	to November 23, 2014			December 31, 2013
Rental income	$	32,269		$	33,601
Tenant reimbursement income		3,001			3,036
Fee and other income		630			732
Total revenue		35,900			37,369

Operating		15,818			17,130
Depreciation and amortization		6,085			6,349
General and administrative		113			156
Total expenses		22,016			23,635
Operating income		13,884			13,734
Unrealized gain on interest rate swaps		5,759			9,985
Interest and debt expense		(13,269	)		(14,872	)
Net income	$	6,374		$	8,847